Financial Results : SARCO turns to SAR 2.2 mln loss in 9M 2016

SARCO turns to SAR 2.2 mln loss in 9M 2016

19/10/2016 Argaam Exclusive

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Saudi Arabia Refineries Co. (SARCO) reported a net loss of SAR 2.2 million for the first nine months of 2016, compared to net profit of SAR 16.5 million in the same period last year, attributed to lower profit from associates.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Operating Income (2.00) (1.80) 9.9 %
Net Income 16.33 (2.22) (113.6 %)
Average Shares 15.00 15.00 -
EPS (Riyals) 1.09 (0.15) (113.6 %)

The company incurred net losses of SAR 1.3 million for the third quarter, against net profit of SAR 96.2 thousand in Q3 2015, hurt by higher G&A expenses and the reduction of its share in the profit of its affiliates this quarter.

 

Q3 losses more than quadrupled when compared to the previous quarter’s net loss of SAR 198,483. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Operating Income (0.46) (0.55) (20.0 %)
Net Income 0.10 (1.30) (1458.3 %)
Average Shares 15.00 15.00 -
EPS (Riyals) 0.01 (0.09) (1458.3 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 - - - - (0.25) (75.4 %)
Q2 2007 - - - - (0.46) 8.1 %
Q3 2007 - - - - (0.28) 28.2 %
Q4 2007 - - - - (1.34) (16.6 %)
Q1 2008 - - - - (1.31) (424.9 %)
Q2 2008 - - - - (0.27) 41.2 %
Q3 2008 - - - - (0.93) (233.6 %)
Q4 2008 - - - - (0.52) 60.9 %
Q1 2009 - - - - (0.58) 55.9 %
Q2 2009 - - - - (0.36) (31.5 %)
Q3 2009 - - - - (0.12) 86.9 %
Q4 2009 - - - - (0.22) 57.1 %
Q1 2010 - - - - (0.70) (21.2 %)
Q2 2010 - - - - (0.30) 16.2 %
Q3 2010 - - - - (0.32) (161.5 %)
Q4 2010 - - - - (0.24) (5.8 %)
Q1 2011 - - - - (0.73) (5.2 %)
Q2 2011 - - - - (0.35) (15.9 %)
Q3 2011 - - - - (0.27) 15.4 %
Q4 2011 - - - - (0.89) (275.1 %)
Q1 2012 - - - - (0.73) 1.1 %
Q2 2012 - - - - (0.37) (5.7 %)
Q3 2012 - - - - (0.49) (82.6 %)
Q4 2012 - - - - (0.81) 8.4 %
Q1 2013 - - - - (0.66) 8.5 %
Q2 2013 - - - - (0.66) (79.7 %)
Q3 2013 - - - - (0.55) (12.2 %)
Q4 2013 - - - - (1.27) (56.5 %)
Q1 2014 - - - - (0.80) (20.5 %)
Q2 2014 - - - - (0.82) (24.1 %)
Q3 2014 - - - - (0.33) 41.2 %
Q4 2014 - - - - (0.72) 43.3 %
Q1 2015 - - - - (1.02) (27.1 %)
Q2 2015 - - - - (0.53) 35.4 %
Q3 2015 - - - - (0.46) (40.3 %)
Q4 2015 - - - - (4.25) (488.5 %)
Q1 2016 - - - - (0.78) 23.1 %
Q2 2016 - - - - (0.48) 10.7 %
Q3 2016 - - - - (0.55) (20.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 1.10 7.4 % 0.07 - 1.10 0.07
Q2 2007 1.13 1.1 % 0.08 - 1.13 0.08
Q3 2007 96.59 11196.8 % 6.44 - 96.59 6.44
Q4 2007 0.01 (99.9 %) 0.00 - 0.01 0.00
Q1 2008 98.55 8843.2 % 6.57 - 98.55 6.57
Q2 2008 8.65 666.9 % 0.58 - 8.65 0.58
Q3 2008 (0.38) (100.4 %) (0.03) - (0.38) (0.03)
Q4 2008 0.84 16640.0 % 0.06 - 0.84 0.06
Q1 2009 0.08 (99.9 %) 0.01 - 0.08 0.01
Q2 2009 0.30 (96.5 %) 0.02 - 0.30 0.02
Q3 2009 0.63 266.8 % 0.04 - 0.63 0.04
Q4 2009 2.11 152.6 % 0.14 - 2.11 0.14
Q1 2010 0.75 904.0 % 0.05 - 0.75 0.05
Q2 2010 8.68 2794.0 % 0.58 - 8.68 0.58
Q3 2010 0.52 (18.0 %) 0.03 - 0.52 0.03
Q4 2010 2.32 9.6 % 0.15 - 2.32 0.15
Q1 2011 0.75 (0.3 %) 0.05 - 0.75 0.05
Q2 2011 8.19 (5.6 %) 0.55 - 8.19 0.55
Q3 2011 0.46 (12.2 %) 0.03 - 0.46 0.03
Q4 2011 1.53 (34.0 %) 0.10 - 1.53 0.10
Q1 2012 0.64 (15.0 %) 0.04 - 0.64 0.04
Q2 2012 15.47 88.8 % 1.03 - 15.47 1.03
Q3 2012 0.57 25.9 % 0.04 - 0.57 0.04
Q4 2012 0.13 (91.5 %) 0.01 - 0.13 0.01
Q1 2013 0.73 14.6 % 0.05 - 0.73 0.05
Q2 2013 14.24 (8.0 %) 0.95 - 14.24 0.95
Q3 2013 1.27 120.9 % 0.08 - 1.27 0.08
Q4 2013 (0.81) (723.8 %) (0.05) - (0.81) (0.05)
Q1 2014 2.95 303.0 % 0.20 1.00 1.95 0.13
Q2 2014 14.35 0.8 % 0.96 - 14.35 0.96
Q3 2014 7.21 469.2 % 0.48 - 8.21 0.55
Q4 2014 (3.58) (341.2 %) (0.24) 1.00 (4.58) (0.31)
Q1 2015 (0.67) (122.9 %) (0.04) - (0.67) (0.04)
Q2 2015 16.91 17.8 % 1.13 - 16.91 1.13
Q3 2015 0.10 (98.7 %) 0.01 - 0.10 0.01
Q4 2015 (3.61) (0.9 %) (0.24) - (3.61) (0.24)
Q1 2016 (0.72) (7.1 %) (0.05) - (0.72) (0.05)
Q2 2016 (0.20) (101.2 %) (0.01) - (0.20) (0.01)
Q3 2016 (1.30) (1458.3 %) (0.09) - (1.30) (0.09)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 15.00 0.72 0.72 22.84
Q2 2007 15.00 0.72 0.72 27.42
Q3 2007 15.00 7.10 7.10 38.16
Q4 2007 15.00 6.59 6.59 39.79
Q1 2008 15.00 13.09 13.09 38.09
Q2 2008 15.00 13.59 13.59 40.29
Q3 2008 15.00 7.12 7.12 39.99
Q4 2008 15.00 7.18 7.18 14.11
Q1 2009 15.00 0.61 0.61 16.29
Q2 2009 15.00 0.06 0.06 22.57
Q3 2009 15.00 0.12 0.12 26.80
Q4 2009 15.00 0.21 0.21 25.67
Q1 2010 15.00 0.25 0.25 25.82
Q2 2010 15.00 0.81 0.81 21.38
Q3 2010 15.00 0.80 0.80 22.43
Q4 2010 15.00 0.82 0.82 26.57
Q1 2011 15.00 0.82 0.82 27.48
Q2 2011 15.00 0.79 0.79 27.42
Q3 2011 15.00 0.78 0.78 23.79
Q4 2011 15.00 0.73 0.73 23.43
Q1 2012 15.00 0.72 0.72 29.33
Q2 2012 15.00 1.21 1.21 25.43
Q3 2012 15.00 1.21 1.21 28.05
Q4 2012 15.00 1.12 1.12 27.72
Q1 2013 15.00 1.13 1.13 28.03
Q2 2013 15.00 1.04 1.04 31.35
Q3 2013 15.00 1.09 1.09 31.96
Q4 2013 15.00 1.03 1.03 38.17
Q1 2014 15.00 1.18 1.11 40.50
Q2 2014 15.00 1.18 1.12 42.44
Q3 2014 15.00 1.58 1.58 46.80
Q4 2014 15.00 1.40 1.33 31.83
Q1 2015 15.00 1.15 1.15 29.56
Q2 2015 15.00 1.32 1.32 33.68
Q3 2015 15.00 0.85 0.78 24.46
Q4 2015 15.00 0.85 0.85 19.76
Q1 2016 15.00 0.84 0.84 18.11
Q2 2016 15.00 (0.30) (0.30) 18.85
Q3 2016 15.00 (0.39) (0.39) 18.03

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 More than 100 More than 100 4.33
Q2 2007 More than 100 More than 100 2.64
Q3 2007 11.49 11.49 2.14
Q4 2007 14.42 14.42 2.39
Q1 2008 5.23 5.23 1.80
Q2 2008 5.00 5.00 1.69
Q3 2008 8.65 8.65 1.54
Q4 2008 8.08 8.08 4.11
Q1 2009 68.92 68.92 2.59
Q2 2009 More than 100 More than 100 2.29
Q3 2009 More than 100 More than 100 1.91
Q4 2009 More than 100 More than 100 1.94
Q1 2010 More than 100 More than 100 1.86
Q2 2010 44.21 44.21 1.68
Q3 2010 43.51 43.51 1.56
Q4 2010 44.01 44.01 1.35
Q1 2011 39.73 39.73 1.18
Q2 2011 59.85 59.85 1.71
Q3 2011 61.83 61.83 2.03
Q4 2011 More than 100 More than 100 3.38
Q1 2012 More than 100 More than 100 2.55
Q2 2012 44.56 44.56 2.11
Q3 2012 56.22 56.22 2.43
Q4 2012 53.98 53.98 2.18
Q1 2013 55.02 55.02 2.21
Q2 2013 56.71 56.71 1.89
Q3 2013 54.76 54.76 1.87
Q4 2013 57.13 57.13 1.54
Q1 2014 57.82 61.30 1.68
Q2 2014 62.86 66.61 1.75
Q3 2014 53.67 53.67 1.81
Q4 2014 35.42 37.20 1.55
Q1 2015 49.59 49.59 1.94
Q2 2015 44.18 44.18 1.74
Q3 2015 48.14 52.24 1.67
Q4 2015 48.69 48.69 2.09
Q1 2016 39.60 39.60 1.85
Q2 2016 NEG NEG 1.85
Q3 2016 NEG NEG 1.43


Financial Ratios
Current
Market Cap (M Riyal) 1,111.50
Enterprise Value (EV) (M) 776.26
Shares Outstanding ((M)) 15.00
EPS ( Riyal) (TTM) (0.80)
Book Value (BV) ( Riyal) 25.33
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.93
Return on Average Assets (%) (TTM) (2.83 )
Return on Average Equity (%) (TTM) (2.88 )
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Share Price

Saudi Arabia Refineries Co.
74.10
(0.30) (0.40 %)

Saudi Arabia Refineries Co. (SARCO)

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